Managing your side hustle along with your 9 to 5 job is quite challenging. So, we will now look at 6 tips on how you can do just that.
1. Efficiently use your free time
Is it possible for you to start your side hustle without needing to stop your full time job? Even though you may not be completely happy about your full time job, you do need to appreciate that it gives you a stable income every month. This gives you stability so that you can figure out how to turn your passion into a real business.
Make full use of your spare time which includes your breaks at work, lunch break etc.
2. Check if your company is willing to do flexible working
There are certain side hustle business ideas which will require you to be available during the typical working hours to your customers. So, talk to your manager and ask if they are willing to do flexible work times. It is possible to adapt your current working schedule and manage your side hustle without giving up your main job or putting it at risk.
3. Start with the ground work as soon as you can
One of the most important and first things you should get done is to create your business’s website and social media pages. You want to make it easy for people to find you online once they learn about your products or services. You should also consider how you’re going to differentiate your offerings from others on the market.
It is a good idea to come up with a business name and register it and a trademark. This is best done as soon as possible since approval will take some time.
4. Cash flow
You should have at least enough cash to cover at least 18 months of your expenses. When you’re busy working with your customers and getting more, you need to ensure that you have sufficient money to cover your business expenses until you start making profits. You can get a business loan, there are also no guarantor loans available. Some of the costs that you will need to think about include equipment, rent, stock etc.
5. Capitalize on your first clients
When you start a new business, potential customers will be curious about your reliability, quality of your products and services etc. So, once you have gotten your first set of customers, you should try to get as many testimonials and reviews as you can so that you can display them on your website and social media. This will go a long way in attracting new clients.
6. Set up your side business properly
In order for your side hustle to be a real business, you need to actually set it up properly. This means that you need to register your business name, decide on a structure as well as get an ABN.
Additionally, you’ll also need to open a business specific bank account and register for GST. In the event that you’re a sole trader, you should still keep your business financials completely separate from your personal account. This is important for taxation since it will be much easier to account for business specific earnings and expenditure.